Another Tax Untruth

Another Tax Untruth

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Greg Mankiw calls the left out on another tax fib in Obama versus Clinton on Tax Policy:

One of the common memes about tax policy is that President Obama just wants to return the tax code to where it was during the Clinton years. The problem is, this is just not true.

This table from the Tax Policy Center is useful in dispelling the myth.  Compare the far left column (Clinton-era tax policy) and the far right column (Obama’s proposed tax policy). It shows the following: Compared to President Clinton, President Obama would cut the effective tax rate by about 2 percentage points for the bottom 99 percent of the population and raise the effective tax rate by about 2 percentage points for the top 1 percent of the population.

You can agree or disagree with that policy choice. But the facts are clear. President Obama’s policy preferences are more focused on income redistribution (aka “class warfare”) than President Clinton’s tax policy ever was.

About Peter Pappas

Peter is a tax attorney and certified public acccountant with over 20 years experience helping taxpayers resolve their IRS and state tax problems.

He has represented thousands of taxpayers who have been experiencing difficulty dealing with the Internal Revenue Service or State tax officials.

He is a member of the American Association of Attorney-Certified Public Accountants, the Florida Bar Association and The Florida Institute of Certified Public Accountants and is admitted to practice before the United States Tax Court, the United States Supreme Court, U.S. District Courts - Middle District of Florida

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